Some bankers have welcomed the hold on the Bank of Ghana’s Monetary Policy Rate at 26%.
The Monetary Policy Committee of the Bank of Ghana on Monday maintained the policy rate at 26 percent.
The decision was attributed to the stability in the currency and current inflationary trend.
This is the third time that the policy rate has been maintained since January this year.
Announcing the new rate at a media briefing on Monday, the Governor of the Bank of Ghana, Dr. Abdul Nashir Issahaku said, “Our committee has decided to maintain the policy rate at 26 percent…whatever decision we take is to steer inflation towards our medium term target of 8 percent plus or minus 2.”
Managing Director of the Guaranteed Trust Bank (GT) Ghana, Lekan Sanusi said current inflationary trends do not support the call for the monetary policy committee to reduce the rate.
In an interview he lauded the Bank of Ghana’s decision to maintain the policy rate describing it as the best decision.
“They’ve done so well in my view to maintain the policy rate they had barely one or two months for positive action for inflation and when you have such statistics for just a month, it is dangerous to react and just adjust policy rate downwards,
I will just appeal that all economic agents should just see how things go it’s all in our hands. Let’s watch out for the statistics for the next few months and if things go in the direction that we want.
We should realize that we have been very lucky in Ghana this year against what all book run have taught, our currency has been stable so we need to be careful so that we do not take another step that will probably turn the thing the other way.” He said.
By: Norvan Acquah- Hayford
